Start here: betting is entertainment that costs money, not a way to earn income. Sportsbook prices include a margin, so most bettors lose money over time. Only bet money you can afford to lose.
1. Set a budget you can afford to lose
Your bankroll is money set aside only for betting. It should never be money you need for rent, bills, groceries, debt payments or savings. Decide the amount before you bet, and treat it like what you'd spend on a night out or a concert. If it's gone, you're done until your next planned budget, not until you can find more money.
2. Size bets in units
A unit is a small, fixed percentage of your bankroll. Many bettors use 1% to 2% per bet. With a $500 bankroll, 1 unit at 1% is $5.
- Keep most bets at 1 unit. Small, steady bet sizes stop one bad day from wiping out your budget.
- Don't raise your unit because you "feel sure." There's no such thing as a lock.
- Recalculate units from your current bankroll only at set times (for example, monthly), not after every win or loss.
The bankroll unit helper does this math for you.
3. Expect losing streaks
Even strong bettors lose often. At -110 you need to win 52.38% of bets just to break even, so long runs of losses are normal for everyone. Someone who somehow won 55% of their -110 bets would still expect a few streaks of five or more losses in a row over a few hundred bets. Small units are what let you get through a streak without doing damage.
4. Never chase losses
Chasing means betting more, or more often, to win back what you lost. It's one of the fastest ways to lose more than you planned, and it's also a common warning sign of problem gambling. If you've hit your limit for the day or week, stop.
5. Keep a simple record
Write down each bet: date, what you bet, the odds, the stake and the result. An honest record shows you how much you're really spending and keeps memory from turning a losing month into a "pretty good" one.
6. Use the limits sportsbooks offer
Licensed sportsbooks offer tools like deposit limits, wager limits, time-outs and self-exclusion. Many states also run self-exclusion programs. Setting a limit when you're calm is much easier than stopping in the moment.
Warning signs
- Betting more than you planned, or with money meant for something else.
- Chasing losses, or borrowing to bet.
- Hiding betting from family or friends.
- Feeling anxious, irritable or low when you're not betting.
- Betting stops being fun.
Help is free and confidential. Call or text 1-800-MY-RESET (1-800-697-3738), the National Problem Gambling Helpline, any time. More resources are on our responsible gaming page.
Education only. Not financial or betting advice. 21+.